Endowment complaints form

defender_of_the_weak

You can only push it so far. The answer for income and ependiture is perfectly acceptable, we use it all the time. You cannot use the second answer as a blanket response to all of it, otherwise the reviewer may take a 'view' that without the information we cannot uphold or complete your case and 'file your papers accordingly'.

This is reviewer speak for the kicking your claim into touch and means that you then have to take the case to the Financial Ombudsman and fill in even more forms and wait another 6 months to have your case reviewed.

Remember, that over the last two years Abbey have been turning down 93% of endowment claims and upholding 7% against an industry uphold rate of 60-70%. IMHO you don't change that many spots on that many reviewing leopards over night. I still think they will be looking to 'manage down' the uphold figres.

defender_of_the_weak

Sandragreen

Yep,seen loads of them. I'm not sure I have one at home now but if you ask me a question I am sure I can help

abwsco

Sorry to ask another question about this, but do I have to put on details of any pensions as the endowment wasn't taken out past retirement age and also details of current mortgages. So far have only included mortgages held with N & P. Am loathe to provide them with current information.

I've also found out that we had more than enough life insurance to cover the endowment when it was sold to us, so I assume this is a plus.

abwsco

Can anyone help at all? TIA

dunstonh

If you dont reply to a question asked, assumptions may be made which may or may not work in your favour.

defender_of_the_weak

If the mortgage and endowment do not go past retirement then it is not particularly relevent in terms of what you will receive. They do want to know if you have thousands invested in personal pension however

You will need current mortgage details included as they use this to calculate your loss, if any.

mike_the_bike_2

Sorry just spotted this post..I was flogged a Friends Provident Policy by the "Shabby" back in 88...Complained to them a couple of years ago and was rejected...Took it to the Ombudsman and he overuled and ruled in my favour and I got Compo...

As a general rule (and I appreciate "Shabby" have had a spanking because of the way they mishandled complaints)...these questionnaire forms are designed to trip you up so that the comapny can come back and say ..ah yes this proves because you held shares and investments you were a financial expert who knew what you were doing when taking out and endowment...

My recommendation??? Well go to the Ombudsman site and download their questionnaire (which you would have to fill in if you referred your complaint to them)...cross reference to the questions on the Abbey questionnaire and strike out on the Abbey form and put "not relevant"

"Shabby" cannot complain as if you are answering every thing the Ombudsman want to know then thats good enough....AND they know it!!!


Good Luck...

mike_the_bike_2

Sorry ..just to clarify..strike out the additional questions that are in the "shabby" form and not in the Ombudsmans form

abwsco

Thanks all. I'll let you know what happens.

FOSman

OK one and all, here is the reason they ask you if you had any savings:

If your circumstances looked shaky at the time, then they need to show that you could have afforded a repayment mortgage. If they believe that you couldn't afford the mortgage on repayment, then it will be a straight reject. Therefore, some savings would help you there.

However, if you had loads of savings, then the question that will be asked is if you are risk averse, then why did you not pay off more of the mortgage? Therefore, having loads of savings, but not using them to buy your house shows you are willing to take a risk.

So the answer is, some savings are good (deposit accounts, not PEPs or investments), but not too much savings.

Anyway, honest is the best policy. They may have some documents from the mortgage application etc, or even account statements. If you lie and they catch you lying, then your entire testimony will lose any credibility.